Constant Contact files for IPO
Constant Contact Inc., a Waltham-based company providing e-mail marketing services as well as online surveys to small businesses, has filed documents to the Securities and Exchange Commission as part of its effort to become a publicly traded company on the Nasdaq Stock Market.
According to the company's filings to the commission, Constant Contact intends to use the proceeds from the public offering for "general corporate purposes," including the development of new products and customers, funding future growth, and repaying debt, although the company has yet to come up with a definite plan. The company said it will not receive proceeds from the shares sold by the selling stockholders.
While the company plans to be traded under the symbol CTCT, its filings did not disclose how much it sought to raise or how many shares it will sell. The company reported a net revenue of $27.55 million in the fiscal year 2006, ending Dec. 31, as opposed to $14.66 million in fiscal year 2005, a 88 percent growth. But the company's net loss grew from $1.23 million to $7.84 million in that same period, as well -- growing by more than five times.
The company reported an increase in customer base from about 25,000 at the end of 2004 to more than 120,000 at the end of June 2007. About two-thirds of its customers employ fewer than 10 workers, the company said in the filings.
(By Se Young Lee, Globe staff)
